Best Buy Raises $500M

Minneapolis — Best Buy has completed the sale of $500 million in notes to a dozen investment banks, including Barclays Capital, Citgroup and J.P. Morgan.

The No. 1 CE chain said it would use the cash for general corporate purposes, which could include capital expenditures, funding working capital, stock repurchases, strategic investments and acquisitions, or replacing the $500 million it paid out the day before when a previous series of notes matured.